Home Depot Suspends FY20 Outlook Amid COVID-19; Declares Dividend - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Tuesday, home improvement retailer Home Depot, Inc. (HD) said it is suspending its previously communicated financial guidance for fiscal 2020 as a result of the uncertainty related to the duration of COVID-19 and its impact on the broader economy.

The company added that the sales trends were strong at the end of the first quarter and into the first two weeks of the second quarter.

The company also announced that its board of directors declared a first quarter cash dividend of $1.50 per share, payable on June 18, 2020, to shareholders of record on the close of business on June 4, 2020.

For the first quarter, net earnings were $2.2 billion or $2.08 per share, lower than $2.5 billion or $2.27 per share in the year-ago quarter.

As a result of the actions taken to support our associates, the company incurred a total of approximately $850 million of pre-tax expense, or approximately $640 million after tax, equaling $0.60 per share.

Sales for the quarter grew 7.1 percent to $28.3 billion from last year. Comparable sales were positive 6.4 percent, and comparable sales in the U.S. were positive 7.5 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.26 per share on sales of $27.28 billion for the quarter. Analysts' estimates typically exclude special items.